DID CLAIM DEPRECIATION | DID NOT CLAIM DEPRECIATION | |
---|---|---|
INCOME | ||
Wage income | $70,000 | $70,000 |
Tax paid | $14,297 | $14,297 |
Rental income | $30,000 | $30,000 |
Total Income | $100,000 | $100,000 |
TAX DEDUCTIONS | ||
Interest | $22,000 | $22,000 |
Repairs | $1,000 | $1,000 |
Rates | $2,000 | $2,000 |
Insurance | $1,000 | $1,000 |
DEPRECIATION | $11,000 | |
TOTAL DEDUCTIONS | $37,000 | $26,000 |
Taxable Income | $63,000 | $74,000 |
Tax on Taxable Income | $12,022 | $15,597 |
REFUND | Refund of $2,269 | Owes an additional $1,300 in tax |